Energtek Authorizes Fundraise Up to $10M for Subsidiary Energtek Products Ltd.
leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG)
technology, today announced that the company’s board of directors has decided
to authorize its fully-owned subsidiary, Energtek Products Ltd., to organize
a fundraise to further develop business operations. The Board has authorized
negotiations for raising funds while keeping a controlling position in the
subsidiary.
The authorization allows for raising up to
placements or through a public placement in the Tel Aviv Stock Exchange,
which could include merging with a public entity. The Tel Aviv Stock Exchange
(TASE) has a growing subsection focused on oil and gas exploration.
Energtek Products Ltd. specializes in providing natural gas
transportation solutions to customers who are not connected to pipeline
infrastructure. Energtek Products develops pipeless natural gas distribution
projects for industrial consumers, being currently actively engaged in the
development of such networks in the Balkans and
company conducts oil and gas exploration in
“Our subsidiary Energtek Products Ltd. has made significant forward
progress in the past twelve months,” said Energtek CEO
“Energtek Products has established a new market in Serbia that includes a
fully-operational natural gas source, along with industrial customers waiting
to benefit from that energy source. The subsidiary is also developing
channels to perform similar activities in the Israeli market.”
“In addition, Energtek Products has identified the potential for oil and
gas exploration in the Nir Am-Sa’ad field in
exclusive license to explore and exploit oil & natural gas in this field.”
“It is appropriate to seek funding in
exploration activities to take place in that country,” Zaidenberg added.
“Energtek Products’ funding opportunities will be guided by all relevant
regulations in
implemented limitations on transactions regarding ownership of exploration
rights.”
About Energtek
Energtek develops and applies proprietary low-pressure storage technology
to provide complete well-to-wheel pipeless Natural Gas supply solutions to
industrial consumers and fleets of small vehicles. Energtek’s Natural Gas
solutions reduce pollution and alleviate consumer energy costs. Energtek
provides competitive bulk transportation solutions to industrial users and a
profitable alternative motor fuel solution for 2- and 3-wheel vehicle drivers
in
the
Forward-Looking Statements
This release contains forward-looking statements within the meaning of
the Securities Exchange Act of 1934, as amended. All forward-looking
statements are inherently uncertain as they are based on current expectations
and assumptions concerning future events or future performance of Energtek
and its technologies. Readers are cautioned not to place undue reliance on
these forward-looking statements, which are only predictions. In evaluating
such statements, prospective investors should review carefully various risks
and uncertainties identified in this release and other matters set in
Energtek’s filings. These risks and uncertainties could cause actual results
to differ materially from those indicated in the forward-looking statements.
Contacts:
Investor Relations
IR@energtek.com
+1-212-999-6202
SOURCE Energtek Inc.